Branson suffered a cracked cheekbone and a few torn ligaments as well as cuts to his knee and shoulder.

According to Branson's account, he hit a speed bump on a downhill stretch of road, which caused him to flip over the handle bars and land face first on the pavement. His bicycle ended up at the bottom of a cliff.

"I really thought I was going to die. I went flying head-first towards the concrete road, but fortunately my shoulder and cheek took the brunt of the impact, and I was wearing a helmet that saved my life (however, perhaps they should build bike helmets that protect the side of the face too — does anyone know of one?).

"My bike went flying off the cliff and disappeared. We've since recovered the crumpled bicycle, completely destroyed. My cheek has been badly damaged and my knee, chin, shoulder and body severely cut."

Virgin.comThe first person to come across Branson after the crash was his assistant, to whom Branson said, "I'm alive! At least you've still got a job!"

Branson remained upbeat throughout the incident. "My attitude has always been, if you fall flat on your face, at least you're moving forward. All you have to do is get back up and try again. At least I'm practicing what I preach — though a little too literally!" Branson wrote.

Over the years, the British billionaire has earned quite a reputation as an adventurer and thrill seeker; he attempted twice to fly around the world in a balloon.